Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week

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Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week
  • While benchmark indices Sensex and Nifty 50 remain flat, here are a few stocks that are trending in the market with higher returns in a single day.
  • Pune-based IT firm Tech Mahindra surged 6% on strong quarterly revenue growth of 7.2% although profit declined marginally.
  • Tata Power went up on the achievement of crossing more than 1,000 electric vehicle charging stations across the country.
Benchmark indices Sensex and Nifty 50 have been volatile last one week amid back to back corporate earnings and mixed global cues. Today (October 26), the market remains muted led by weakness in banking stocks, but here are some buzzing stocks in the market grabbing investors’ attention.

Tech Mahindra surges as much as 6% on strong revenue growth

Tech Mahindra surges as much as 6% on strong revenue growth
BCCL

Shares of Pune-based IT firm Tech Mahindra picked up almost 6% on Tuesday as investors cherished the company’s strong quarterly revenue growth of 7.2% although profit declined marginally. Analysts gave positive commentary after its revenue growth in the July-September quarter came in-line with their estimates along with strong deal win momentum. CLSA reportedly believes that the risk reward ratio of its stock is favourable despite a 35% rally in the last three months. It also maintained an ‘outperform’ rating on the stock with target price of ₹1,720.

Also, the company has announced a special dividend of ₹15 per share.

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Tata Power up 7% on crossing more than 1000 electric vehicle charging stations

Tata Power up 7% on crossing more than 1000 electric vehicle charging stations
BCCL

Shares of Tata Power went up after it achieved a milestone in India’s journey towards green mobility as it crossed more than 1,000 electric vehicle (EV) charging stations across the country. The company is planning to build 10,000 charging stations. Tata Power EV charging points are now present in nearly 180 cities and in multiple state and national highways. It has partnered with Tata Motors, MG Motors India, Jaguar Land Rover, TVS and more, for developing EV charging infrastructure for their customers and dealers.

Besides, Tata Power’s stock has been removed from the futures & options (F&O) ban list. The idea of the stocks ban in F&O is to prevent excessive speculative activity.

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IRCTC picks up 7% after a week of correction in the stock

IRCTC picks up 7% after a week of correction in the stock
BCCL

Last one week was not less than a masacre for IRCTC’s shares as it slipped 12% in the last five days as against 197% gains in 2021 so far. It can be seen as a profit booking session by investors after a stellar rally in stocks.

IRCTC, one of investors’ favourite stocks, seems to be back on track with a 7% surge in stocks today. Investors value companies operating in a monopolistic business and Indian Railway Catering and Tourism Corporation (IRCTC) is a true example of that. Currently, one of the major triggers fuelling the rally in the stock is the company starting many special tourist trains for the festive season.

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Home First Finance Company India hits one year high on three times rise in profit

Home First Finance Company India hits one year high on three times rise in profit
BCCL

Shares of the housing finance company surged 9% as the company booked 213% profit on year in September quarter to ₹45 crore. “We expect the upward trend to continue as the opportunity remains large with low interest rates and muted home prices, driving strong business growth,” said Manoj Viswanathan, managing director and chief executive officer (CEO) at Home First Finance Company India.

HomeFirst is a technology driven affordable housing finance company that targets first time buyers in low and middle-income groups.

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Gujarat Alkalies and Chemicals up over 6% on smooth functioning of unit despite workers strike

Gujarat Alkalies and Chemicals up over 6% on smooth functioning of unit despite workers strike
BCCL

The Vadodara-based chemical company’s stock triggered to rise 6% as the company informed exchanges that its manufacturing operations at Vadodara complex are going smooth and normal despite workers’ strike.

Contract workers of the company deployed at Vadodara complex have called a strike demanding higher bonus payment. Currently, the company is in dialogue with contractors to come up with a solution. In the last one week, shares of the company fell 8%.

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